the
vessels belonging to Spain, Sardinia, the Hanse Towns, and other
nations of minor importance as maritime powers, but possessing in the
aggregate a trade not altogether inconsiderable, nor the traffic that
may be expected to flow to the Pacific from the West Indies, the
British Colonies in North America, and the countries on the north east
coast of South America, the tonnage of vessels that will be attracted
to the Canal may be fairly estimated at 800,000 tons.

A tonnage duty of $2 per ton, on
800,000 tons will produce $1,600,000,
equal, at 4s. 2d., to L333,333

Allowing a deduction for the annual
expenses of a sum much larger than will
probably be required, say 40,000
--------
There will remain a Balance of annual
profit of L293,333

This in turn will give upwards of 14-1/2 per cent. profit on the above
outlay of L2,000,000.

The Isthmus has recently been surveyed by M. Garella, an eminent
French Engineer, whose opinions will be found in the extract from the
_Moniteur_, contained in the Appendix. He was employed to make the
survey by the French Government, and his official Report has not yet
been made public. He differs in several material points from M. Morel,
another French gentleman, who is stated to have lately surveyed the
Isthmus;[10] but if the formation of a canal should be undertaken by
an English company, the parties engaged in the enterprize would
doubtless be guided by the English engineer whom they would employ, in
the selection of the most eligible line, while the labours of his
predecessors would greatly aid him in his survey.

As subservient to the grand project of a Ship Canal, an improved road
across the Isthmus has been projected. The abundance of hard wood to
be found on the spot, would furnish a cheap material for converting it
into a tram-road. The expense has been estimated by French engineers
at L40,000 sterling, and the returns, even according to the present
transit of goods and passengers across the Isthmus by the miserable
road now existing from Cruces to Panama, would, at a very moderate
toll, be enormous on that outlay.

APPENDIX.

The following Extracts from Authors who have treated of the Isthmus of
Panama will tend to illustrate the subject of the foregoing pages.

_Dampier, (1681)._

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